China approves American Express JV to set up clearing institution

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BEIJING, Nov 9 (Reuters) - China’s central bank said on Friday it has approved an application from American Express’ Chinese joint venture to start preparations for setting up a clearing institution in the country.

The JV is required to complete operation preparations within one year and get a nod from the central bank before running the bank cards clearing business, the People’s Bank of China said in a statement on its website. (Reporting by Beijing Monitoring Desk; Editing by Kim Coghill)